Announcement • May 20
Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 09, 2026 Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 09, 2026, at 18:45 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Apr 10
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ر.س1.54 (up from ر.س0.20 in FY 2024). Revenue: ر.س1.71b (up 1.5% from FY 2024). Net income: ر.س184.4m (up ر.س159.8m from FY 2024). Profit margin: 11% (up from 1.5% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Mar 01
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ر.س27.34. The fair value is estimated to be ر.س34.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Feb 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ر.س26.98. The fair value is estimated to be ر.س33.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Jan 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to ر.س27.18. The fair value is estimated to be ر.س33.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Dec 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to ر.س26.62. The fair value is estimated to be ر.س33.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. New Risk • Nov 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Large one-off items impacting financial results. Major Estimate Revision • Nov 13
Consensus EPS estimates increase by 52%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ر.س1.81b to ر.س1.73b. EPS estimate rose from ر.س1.05 to ر.س1.60. Net income forecast to grow 46% next year vs 22% growth forecast for Pharmaceuticals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س30.40. Share price fell 6.5% to ر.س28.88 over the past week. Reported Earnings • Nov 06
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ر.س415.0m (down 7.2% from 3Q 2024). Net income: ر.س44.0m (up ر.س46.8m from 3Q 2024). Profit margin: 11% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 04
Consensus EPS estimates increase by 120% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ر.س0.476 to ر.س1.05. Revenue forecast steady at ر.س1.81b. Net income forecast to grow 94% next year vs 23% growth forecast for Pharmaceuticals industry in Saudi Arabia. Consensus price target up from ر.س28.55 to ر.س29.84. Share price rose 5.1% to ر.س28.22 over the past week. Reported Earnings • Aug 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ر.س401.0m (up 7.4% from 2Q 2024). Net income: ر.س36.0m (up 21% from 2Q 2024). Profit margin: 9.0% (up from 8.0% in 2Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Pharmaceuticals industry in Asia. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س26.40, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 21x in the Pharmaceuticals industry in Asia. Total returns to shareholders of 1.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س47.78 per share. Announcement • Jun 04
Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 29, 2025 Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 29, 2025, at 18:40 Arab Standard Time. Location: riyadh Saudi Arabia Buy Or Sell Opportunity • May 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ر.س25.20. The fair value is estimated to be ر.س31.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. Major Estimate Revision • May 21
Consensus EPS estimates increase by 646% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ر.س1.76b to ر.س1.81b. EPS estimate increased from ر.س0.119 to ر.س0.884 per share. Net income forecast to grow 174% next year vs 20% growth forecast for Pharmaceuticals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س29.43. Share price fell 2.4% to ر.س26.35 over the past week. Reported Earnings • May 14
First quarter 2025 earnings released First quarter 2025 results: Revenue: ر.س485.0m (up 2.0% from 1Q 2024). Net income: ر.س75.0m (up 114% from 1Q 2024). Profit margin: 16% (up from 7.4% in 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Pharmaceuticals industry in Asia. Buy Or Sell Opportunity • May 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to ر.س25.05. The fair value is estimated to be ر.س31.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Price Target Changed • Apr 22
Price target decreased by 9.8% to ر.س29.55 Down from ر.س32.76, the current price target is an average from 4 analysts. New target price is 20% above last closing price of ر.س24.70. Stock is down 35% over the past year. The company is forecast to post earnings per share of ر.س0.12 for next year compared to ر.س0.21 last year. New Risk • Apr 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 50% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risk Large one-off items impacting financial results. Announcement • Apr 09
Saudi Pharmaceutical Industries and Medical Appliances Corporation Announces Appointment to the Audit Committee Saudi Pharmaceutical Industries and Medical Appliances Corporation announced that in addition to forming the Audit Committee and formed subcommittees in accordance with the approved duties and responsibilities it appointed Mr. Khalid Ibrahim Alrabiah, Mr. Khaldoon Abdullah Alfakhri, Mr. Farhan Waleed Alboainain, Mrs. Khlood Abdulaziz Aldakheel, and Mr. Obaid Salem Alkurashi to Audit Committee. Announcement • Apr 08
Saudi Pharmaceutical Industries and Medical Appliances Corporation Announces Executive Appointments Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) unveiled key appointments for a new board term that will end on 2 April 2029. The company named Khalid Abdulrahman Alqwaiz as the board's Chairman for the next four years. Ahmad Hamdan Aljedai was also announced as the Vice Chairman as well as the Managing Director. Buy Or Sell Opportunity • Apr 06
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to ر.س22.78. The fair value is estimated to be ر.س31.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Reported Earnings • Apr 01
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ر.س0.27 (up from ر.س0.17 loss in FY 2023). Revenue: ر.س1.68b (up 1.7% from FY 2023). Net income: ر.س32.0m (up ر.س52.2m from FY 2023). Profit margin: 1.9% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 72%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 04
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ر.س1.00 to ر.س0.891 per share. Revenue forecast steady at ر.س1.73b. Net income forecast to grow 491% next year vs 25% growth forecast for Pharmaceuticals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س32.76. Share price was steady at ر.س30.10 over the past week. Major Estimate Revision • Nov 26
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ر.س0.868 to ر.س1.00. Revenue forecast unchanged at ر.س1.73b. Net income forecast to grow 491% next year vs 25% growth forecast for Pharmaceuticals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س33.16. Share price was steady at ر.س31.00 over the past week. New Risk • Nov 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 14
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ر.س447.0m (up 17% from 3Q 2023). Net loss: ر.س1.00m (loss narrowed 98% from 3Q 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Nov 03
Now 21% undervalued Over the last 90 days, the stock has risen 27% to ر.س32.90. The fair value is estimated to be ر.س41.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Oct 17
Now 22% undervalued Over the last 90 days, the stock has risen 4.7% to ر.س31.15. The fair value is estimated to be ر.س39.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ر.س0.28 (vs ر.س0.19 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.28 (up from ر.س0.19 in 2Q 2023). Revenue: ر.س373.4m (down 8.6% from 2Q 2023). Net income: ر.س34.0m (up 53% from 2Q 2023). Profit margin: 9.1% (up from 5.5% in 2Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 06
Price target decreased by 9.5% to ر.س33.33 Down from ر.س36.83, the current price target is an average from 4 analysts. New target price is 11% above last closing price of ر.س29.95. Stock is down 27% over the past year. The company is forecast to post earnings per share of ر.س0.97 next year compared to a net loss per share of ر.س0.17 last year. Reported Earnings • May 25
First quarter 2024 earnings released: EPS: ر.س0.30 (vs ر.س0.46 in 1Q 2023) First quarter 2024 results: EPS: ر.س0.30 (down from ر.س0.46 in 1Q 2023). Revenue: ر.س475.4m (down 11% from 1Q 2023). Net income: ر.س39.9m (down 27% from 1Q 2023). Profit margin: 8.4% (down from 10% in 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • May 15
Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 02, 2024 Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 02, 2024, at 19:30 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Apr 04
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: ر.س0.075 loss per share (improved from ر.س1.37 loss in FY 2022). Revenue: ر.س1.65b (up 16% from FY 2022). Net loss: ر.س9.00m (loss narrowed 95% from FY 2022). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Feb 22
Saudi Pharmaceutical Industries and Medical Appliances Corporation Appoints Jerome Cabannes as Chief Executive Officer Saudi Pharmaceutical Industries and Medical Appliances Corporation has appointed Jerome Cabannes as Chief Executive Officer. Jerome Cabannes has been Acting CEO since October 2023, prior to which he has led SPIMACO's operations as Chief Operating Officer and has helped shape the Company's 5-year strategic plan. The appointment confirms SPIMACO's commitment to its growth and innovation strategy. Announcement • Dec 19
Saudi Pharmaceutical Industries and Medical Appliances Corporation (SASE:2070) acquired 15% stake in Dammam Pharmaceutical from Cooper Pharma for SAR 27 million. Saudi Pharmaceutical Industries and Medical Appliances Corporation (SASE:2070) acquired 15% stake in Dammam Pharmaceutical from Cooper Pharma for SAR 27 million on December 17, 2023. Saudi Pharmaceutical Industries and Medical Appliances Corporation (SASE:2070) completed the acquisition of 15% stake in Dammam Pharmaceutical from Cooper Pharma on December 17, 2023. Reported Earnings • Nov 10
Third quarter 2023 earnings released: ر.س0.32 loss per share (vs ر.س0.38 loss in 3Q 2022) Third quarter 2023 results: ر.س0.32 loss per share (improved from ر.س0.38 loss in 3Q 2022). Revenue: ر.س382.0m (up 7.0% from 3Q 2022). Net loss: ر.س38.0m (loss narrowed 16% from 3Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Buying Opportunity • Aug 07
Now 25% undervalued Over the last 90 days, the stock is up 41%. The fair value is estimated to be ر.س48.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Jul 06
Price target increased by 40% to ر.س37.83 Up from ر.س27.00, the current price target is an average from 3 analysts. New target price is 8.3% below last closing price of ر.س41.25. Stock is up 56% over the past year. The company is forecast to post a net loss per share of ر.س0.59 next year compared to a net loss per share of ر.س1.37 last year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ر.س0.47 (vs ر.س0.29 in 1Q 2022) First quarter 2023 results: EPS: ر.س0.47 (up from ر.س0.29 in 1Q 2022). Revenue: ر.س532.0m (up 37% from 1Q 2022). Net income: ر.س57.0m (up 66% from 1Q 2022). Profit margin: 11% (up from 8.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 06
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: ر.س1.43 loss per share (down from ر.س0.25 profit in FY 2021). Revenue: ر.س1.43b (down 2.3% from FY 2021). Net loss: ر.س171.2m (down ر.س201.0m from profit in FY 2021). Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 77%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 23
Now 23% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be ر.س29.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 8 non-independent directors. Independent Director Khaled Bin Abdulrahman Al-Gwaiz was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: ر.س0.38 loss per share (vs ر.س0.062 profit in 3Q 2021) Third quarter 2022 results: ر.س0.38 loss per share (down from ر.س0.062 profit in 3Q 2021). Revenue: ر.س357.0m (up 14% from 3Q 2021). Net loss: ر.س45.9m (down ر.س53.3m from profit in 3Q 2021). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Asia. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Sep 19
Saudi Pharmaceutical Industries and Medical Appliances Corporation(SASE:2070) dropped from FTSE All-World Index (USD) Saudi Pharmaceutical Industries and Medical Appliances Corporation(SASE:2070) dropped from FTSE All-World Index (USD) Reported Earnings • Aug 25
Second quarter 2022 earnings released: ر.س0.43 loss per share (vs ر.س0.26 profit in 2Q 2021) Second quarter 2022 results: ر.س0.43 loss per share (down from ر.س0.26 profit in 2Q 2021). Revenue: ر.س310.6m (down 4.9% from 2Q 2021). Net loss: ر.س51.8m (down 268% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 13%, compared to a 24% growth forecast for the Pharmaceuticals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 12
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ر.س1.60b to ر.س1.57b. EPS estimate also fell from ر.س0.72 per share to ر.س0.44 per share. Net income forecast to grow 219% next year vs 25% growth forecast for Pharmaceuticals industry in Saudi Arabia. Consensus price target down from ر.س34.50 to ر.س31.00. Share price rose 5.8% to ر.س31.10 over the past week. Price Target Changed • Jun 25
Price target decreased to ر.س34.50 Down from ر.س38.25, the current price target is an average from 2 analysts. New target price is 33% above last closing price of ر.س25.95. Stock is down 53% over the past year. The company is forecast to post earnings per share of ر.س0.72 for next year compared to ر.س0.25 last year. Announcement • Jun 10
Saudi Pharmaceutical Industries and Medical Appliances Corporation Approves Cash Dividend, Payable on June 27, 2022 Saudi Pharmaceutical Industries and Medical Appliances Corporation approved on the Board of Directors- recommendation to distribute cash dividends to the shareholders, for the fiscal year ending 31-12-2021, amounting to SAR 72,000,000 at a rate of SAR (0.60) per share, which represents 6% of the par value of the share. The eligibility of cash dividends will be to the Company-s shareholders who own the Company-s shares by the end of the trading day of the Ordinary General Assembly date, and who are registered in the Company's shareholders registry held with Securities Depository Center Company (Edaa) at the end of the second trading day following the due date. The distribution of dividend will start from June 27, 2022. Reported Earnings • May 25
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ر.س0.26 (up from ر.س0.22 in 1Q 2021). Revenue: ر.س451.3m (down 1.0% from 1Q 2021). Net income: ر.س30.7m (up 16% from 1Q 2021). Profit margin: 6.8% (up from 5.8% in 1Q 2021). Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 85%. Over the next year, revenue is forecast to grow 14%, compared to a 23% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 08, 2022 Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Jun 08, 2022, at 16:00 Coordinated Universal Time. Location: SPIMACO Tower (Al Sahafah Dist.) Riyadh Saudi Arabia Agenda: To consider Board of Directors' Report for the fiscal year ending on December 31, 2021; to consider Consolidated Financial Statements for the fiscal year ended on December 31, 2021; to consider Auditor's Report for the fiscal year ended on December 31, 2021; to consider releasing the Board of Directors members from liability for the fiscal year ended on December 31, 2021; and to consider other matters. Price Target Changed • Apr 27
Price target increased to ر.س36.25 Up from ر.س33.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ر.س36.50. Stock is down 16% over the past year. The company is forecast to post earnings per share of ر.س1.89 for next year compared to ر.س0.25 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 8 non-independent directors. Independent Director Khaled Bin Abdulrahman Al-Gwaiz was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Saudi Pharmaceutical Industries and Medical Appliances Corporation Announces Executive Changes Saudi Pharmaceutical Industries and Medical Appliances Corporation appointed Mohammad Talal Al Nahhas as the new Chairman of the board for the coming three years. Moreover, the Saudi listed firm named Ammar Abdelwahed Al Khudairy as the Vice Chairman, according to a recent bourse disclosure. The two officials will assume their new roles from 3 April this year until 2 April 2025. Reported Earnings • Apr 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ر.س0.15 (down from ر.س1.08 in FY 2020). Revenue: ر.س1.46b (down 6.4% from FY 2020). Net income: ر.س18.1m (down 86% from FY 2020). Profit margin: 1.2% (down from 8.3% in FY 2020). Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 85%. Over the next year, revenue is forecast to grow 46%, compared to a 21% growth forecast for the pharmaceuticals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
Saudi Pharmaceutical Industries and Medical Appliances Corporation Approves Formation of the Audit Committee Saudi Pharmaceutical Industries and Medical Appliances Corporation approved on the formation of the Audit Committee and defining its responsibilities, working controls and the remuneration of its members for the new term, which will start on Apr. 03, 2022, until the end of the term on Apr. 02, 2025. The Audit Committee Members are: Mr. Khalid Al Gwaiz; Dr. Khalid Al Faddagh; Dr. Abdullah Al Hissaini.; and Mrs. Kholud Al Dukheil. Announcement • Feb 02
Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Feb 23, 2022 Saudi Pharmaceutical Industries and Medical Appliances Corporation, Annual General Meeting, Feb 23, 2022, at 15:30 Coordinated Universal Time. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ر.س0.06 (vs ر.س0.56 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س312.0m (down 18% from 3Q 2020). Net income: ر.س7.40m (down 89% from 3Q 2020). Profit margin: 2.4% (down from 18% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ر.س0.24 (vs ر.س0.21 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ر.س326.7m (down 1.7% from 2Q 2020). Net income: ر.س29.2m (up 16% from 2Q 2020). Profit margin: 8.9% (up from 7.6% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 20% share price gain to ر.س55.60, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 23x in the Pharmaceuticals industry in Asia. Total returns to shareholders of 91% over the past three years. Upcoming Dividend • May 24
Upcoming dividend of ر.س1.00 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 11 June 2021. Trailing yield: 2.2%. Lower than top quartile of Saudi dividend payers (4.2%). Higher than average of industry peers (1.4%). Reported Earnings • May 23
First quarter 2021 earnings released: EPS ر.س0.22 (vs ر.س0.38 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ر.س455.6m (down 5.0% from 1Q 2020). Net income: ر.س26.4m (down 42% from 1Q 2020). Profit margin: 5.8% (down from 9.5% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 07
Saudi Pharmaceutical Industries and Medical Appliances Corporation Proposes Dividend for the Year Ended December 31, 2020 Saudi Pharmaceutical Industries and Medical Appliances Corporation has proposed dividend of SAR 1 per share for the year ended December 31, 2020. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS ر.س0.91 (vs ر.س3.63 loss in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ر.س1.56b (flat on FY 2019). Net income: ر.س109.5m (up ر.س545.0m from FY 2019). Profit margin: 7.0% (up from net loss in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Nov 19
New 90-day high: ر.س38.65 The company is up 23% from its price of ر.س31.50 on 20 August 2020. The Saudi market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س23.79 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ر.س0.52 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س379.0m (up 35% from 3Q 2019). Net income: ر.س62.5m (up 94% from 3Q 2019). Profit margin: 17% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 105% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Sep 17
An unknown buyer acquired a part of an equity portfolio of Saudi Pharmaceutical Industries and Medical Appliances Corp for approximately SAR 480 million. An unknown buyer acquired a part of an equity portfolio of Saudi Pharmaceutical Industries and Medical Appliances Corp for approximately SAR 480 million on September 16, 2020. The sale proceeds will be used to complete the company’s projects and support its operational processes and future plans.
An unknown buyer completed the acquisition of a part of an equity portfolio of Saudi Pharmaceutical Industries and Medical Appliances Corp for approximately SAR 480 million on September 16, 2020. 
